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SENATE BILL 174
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Crystal Brantley
AN ACT
RELATING TO REGIONAL SPACEPORT DISTRICTS; PROVIDING THAT THE
BOARDS OF REGIONAL SPACEPORT DISTRICTS EMPLOY THE STATE
INVESTMENT COUNCIL OR STATE TREASURER TO INVEST FUNDS IN A
LOCAL GOVERNMENT INVESTMENT POOL.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 5-16-8 NMSA 1978 (being Laws 2006,
Chapter 15, Section 8) is amended to read:
"5-16-8. INVESTMENTS.--A board shall invest or deposit
funds in accordance with the prudent investor rule set forth in
the Uniform Prudent Investor Act. The board shall employ the
state investment council or state treasurer to invest the funds
in a local government investment pool and may pay reasonable
compensation for investment management services from the assets
of the applicable funds. The board shall keep accurate and
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complete records and accounts concerning the investment
portfolio."
SECTION 2. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2025.
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